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Aging Baby Boomers Face Uncertain Future

March 15, 2008 09:25 AM
by findingDulcinea Staff
A recent study revealed that one-third of Americans aged 50 and older are unsure whether they will have enough money to retire.

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The study, based on a poll of roughly 2,000 working Americans, also found that two-thirds of respondents “expect to keep working well into old age,” Reuters reports.

And despite the number of employers offering 401(k) retirement plans, 61 percent of those surveyed believe that Social Security benefits will be their primary source of income during their golden years.

Unfortunately for them, the money to provide full Social Security coverage for eligible recipients is expected to run out in 2040, says the AARP. At that point, retirees are expected to get 74 percent of what they would have previously expected.

Blog Blackadder’s Lair writes that this shouldn’t worry today’s 20-somethings, as payouts “would be about 40 percent more in real terms than the benefits seniors currently receive, due to the fact that benefits are indexed to wages rather than prices.”

But the Campaign for America’s Future is less sanguine about the future of the nation’s retirement funds, writing that Social Security “will be designed not to keep up with inflation.”

Headline Link: ‘Aging Americans Unsure They Can Afford to Retire’

Background: The aging baby boomers and Social Security

Skeptical about the future of Social Security
Social Security can survive

Opinion: The security of Social Security

Reference: Finding higher financial ground

Related Topics: America braces for retirement

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